"India imports significant quantity of technical textiles worth $16 billion every year. To reverse this trend and to position India as a global leader in technical textiles, a National Technical Textiles Mission is proposed," Sitharaman said in her budget speech.
Purified terephthalic acid (PTA) is a critical input for textile fibres and yarns, she said and added that "its easy availability at competitive prices is desirable to unlock immense potential in textile sector which is a significant employment generator. Therefore, in the larger public interest, anti-dumping duty on PTA is being abolished."
The removal of anti-dumping duty on PTA would make import of PTA cheaper for the man-made fabric industry.
Sitharaman also announed launch of a new scheme, NIRVIK, to achieve higher export credit disbursement. The scheme provides for higher insurance coverage, reduction in premium for small exporters and simplified procedure for claim settlements.
In the coming months, the ministry of finance will review Rules of Origin requirements, particularly for certain sensitive items, so as ensure that FTAs are aligned to the conscious direction of the government's policy, the minister said.
Fibre2Fashion News Desk (RKS)